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Stock Market Today: Dow ends lower after Powell signals rate hikes remain in play By Investing.com

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AuthorYasin EbrahimStock Markets83&nbsp;US500+0.27%Add to WatchlistAdd PositionPosition added successfully to:&nbsp;+ Add another positionCloseDJI+0.23%Add to WatchlistAdd PositionPosition added successfully to:&nbsp;+ Add another positionCloseDIS-1.32%Add to WatchlistAdd PositionPosition added successfully to:&nbsp;+ Add another positionCloseLLY+0.22%Add to WatchlistAdd PositionPosition added successfully to:&nbsp;+ Add another positionCloseGILD+0.55%Add to WatchlistAdd PositionPosition added successfully to:&nbsp;+ Add another positionCloseWYNN-9.23%Add to WatchlistAdd PositionPosition added successfully to:&nbsp;+ Add another positionCloseTPR-2.10%Add to WatchlistAdd PositionPosition added successfully to:&nbsp;+ Add another positionCloseBDX+0.45%Add to WatchlistAdd PositionPosition added successfully to:&nbsp;+ Add another positionCloseCL+1.29%Add to WatchlistAdd PositionPosition added successfully to:&nbsp;+ Add another positionCloseTSLA-0.36%Add to WatchlistAdd PositionPosition added successfully to:&nbsp;+ Add another positionCloseIXIC+0.39%Add to WatchlistAdd PositionPosition added successfully to:&nbsp;+ Add another positionCloseUS2YT=X0.00%Add to WatchlistAdd PositionPosition added successfully to:&nbsp;+ Add another positionCloseABBV+0.41%Add to WatchlistAdd PositionPosition added successfully to:&nbsp;+ Add another positionCloseInvesting.com --&nbsp; The Dow closed lower Thursday, as Federal Reserve chairman Jerome Powell dealt a blow to bets on sooner rather later rate cuts after signaling that the Fed isn't ready to close the curtain on rate hikes.At 16:00 ET (21:00 GMT), the was down 220 points or 0.7%. The was down 0.8% and the&nbsp; was down 0.9%, with both indexes snapping their eight-and nine-day win streak, respectively.&nbsp;The Federal Open Market Committee are&nbsp;"not confident" that it has&nbsp;tightened policy to sufficiently restrictive stance needed to bring inflation back to Fed's 2% target, Powell said on Thursday.While Powell balanced his remarks by reiterating that the central bank would progress carefully on future monetary policy decision, the Fed&nbsp;chief also said "if it becomes appropriate to tighten policy further, we will not hesitate to do so," scuppering recent optimism that the Fed hiking cycle was over.The remarks forced traders cool their bets on sooner rate cuts, with the first cut now expected in June rather than May next year.Treasury yields held onto gains, with the yield on the 2-year Treasury rising about 12 basis points to 4.64%. &nbsp;&nbsp;The yield on the , meanwhile, jumped 12 basis points after the $24 billon 30-year treasury auction attracted less demand than expected. The auction yields of 4.769% was 5.3 basis points higher than the&nbsp;pre-sale level of 4.716%, pointing to signs of weak demand.&nbsp;Becton Dickinson and Company (NYSE:) fell more than 9% to weigh on the broader health care sector after the medical technology weaker annual guidance offseting better-than-expected quarterly revenue.&nbsp;The company forecast EPS for 2024 of between $12.70 to $13 a share on revenue of $20.1 billion to $20.34B, missing analysts estimates of $13.52 on revenue of $20.36B.&nbsp;Other health care stocks including Eli Lilly and Company (NYSE:), (NYSE:) and (NASDAQ:) were also a drag on the sector.Tesla Inc (NASDAQ:), down 6%, led the move lower in consumer stocks after HSBC issues a sell rating on the electric vehicle maker on concerns that it may longer-than-expected for the company to execute on its ideas.&nbsp;HSBC flagged Tesla CEO Elon Musk's&nbsp;prominence&nbsp; as a "considerable singleman risk at the group and slapped a&nbsp;$146 price target on the company.Luxury fashion firm Tapestry (NYSE:) beat profit expectations but missed on revenue, and its full year 2024 outlook was about inline with estimates. Shares rose 3.8%.Walt Disney (NYSE:) rose more than 6% after the entertainment giant beat earnings forecasts in its fiscal fourth quarter, supported by subscriber growth at its streaming services as well as higher attendance at its theme parks in Shanghai, Hong Kong and California.Oil prices edged higher Thursday, attempting to recover from their lowest levels in more than three months although worries of waning demand in China and the U.S., the two biggest economies in the world, remain.Data released earlier Thursday showed that China, the world's biggest oil importer, fell back into disinflationary territory in October.&nbsp;This followed the , an industry body, stating that oil stocks rose by almost 12 million barrels last week. If confirmed by official data, that would be the biggest build since February.&nbsp;(Liz Moyer, Peter Nurse, and Oliver Gray contributed to this item.)Stock Market Today: Dow ends lower after Powell signals rate hikes remain in play83Comments (83)83Add a CommentComment Guidelines&nbsp;I have read Investing.com's comments guidelines and agree to the terms described.I AgreeWrite your thoughts hereAre you sure you want to delete this chart?Delete Cancel&nbsp;PostReplace the attached chart with a new chart ?Replace CancelComment GuidelinesShareFollow this postUnfollow this postSaveBlock UserReplyShareFollow this postUnfollow this postSaveBlock UserReplyShareFollow this postUnfollow this postSaveBlock UserReplyShareFollow this postUnfollow this postSaveBlock UserReplyShareFollow this postUnfollow this postSaveBlock UserReplyShareFollow this postUnfollow this postSaveBlock UserReplyShareFollow this postUnfollow this postSaveBlock UserReplyShareFollow this postUnfollow this postSaveBlock UserReplyShareFollow this postUnfollow this postSaveBlock UserReplyShareFollow this postUnfollow this postSaveBlock UserReplyShareFollow this postUnfollow this postSaveBlock UserReplyShareFollow this postUnfollow this postSaveBlock UserReplyShareFollow this postUnfollow this postSaveBlock UserReplyShareFollow this postUnfollow this postSaveBlock UserReplyShareFollow this postUnfollow this postSaveBlock UserReplyShareFollow this postUnfollow this postSaveBlock UserReplyShareFollow this postUnfollow this postSaveBlock UserReplyAre you sure you want to delete this chart?Delete Cancel&nbsp;PostReplace the attached chart with a new chart ?Replace CancelComment GuidelinesAdd Chart to CommentCancelAttachConfirm BlockAre you sure you want to block %USER_NAME%?By doing so, you and %USER_NAME% will not be able to seeany of each other's Investing.com's posts.%USER_NAME% was successfully added to your Block ListSince you’ve just unblocked this person, you must wait 48 hours before renewing the block.Confirm Block CancelOkReport this commentI feel that this comment is:SpamOffensiveSubmitComment flaggedThank You!Your report has been sent to our moderators for reviewCloseTabs SelectionIndicesCommoditiesBondsStocksCryptoForexETFsApply&nbsp;US 3033,981.4+89.5+0.26%&nbsp;&nbsp;US 5004,359.3+11.9+0.27%&nbsp;&nbsp;Dow Jones33,971.57+79.63+0.23%&nbsp;&nbsp;S&amp;P 5004,359.01+11.66+0.27%&nbsp;&nbsp;Nasdaq13,573.70+52.25+0.39%&nbsp;&nbsp;S&amp;P 500 VIX15.04-0.25-1.64%&nbsp;&nbsp;Dollar Index105.765-0.015-0.01%&nbsp;&nbsp;Crude Oil WTI76.72+0.98+1.29%&nbsp;&nbsp;Brent Oil80.99+0.98+1.22%&nbsp;&nbsp;Natural Gas3.042+0.001+0.03%&nbsp;&nbsp;Gold1,950.35-19.45-0.99%&nbsp;&nbsp;Silver22.370-0.535-2.34%&nbsp;&nbsp;Copper3.5927-0.0478-1.31%&nbsp;&nbsp;US Soybeans1,345.75+3.75+0.28%&nbsp;&nbsp;U.S. 10Y4.591-0.041-0.88%&nbsp;&nbsp;U.S. 30Y4.7140.0000.00%&nbsp;&nbsp;U.S. 5Y4.5950.0000.00%&nbsp;&nbsp;U.S. 3M5.4140.0000.00%&nbsp;&nbsp;US 10Y T-Note107.83+0.30+0.28%&nbsp;&nbsp;Euro Bund129.78-0.01-0.01%&nbsp;&nbsp;10-2 Yield Spread-39.86+0.00+0.00%&nbsp;&nbsp;Apple184.25+2.08+1.14%&nbsp;&nbsp;Alphabet A129.79-0.45-0.35%&nbsp;&nbsp;Tesla209.22-0.76-0.36%&nbsp;&nbsp;Amazon.com140.70+0.10+0.07%&nbsp;&nbsp;Netflix436.40+1.25+0.29%&nbsp;&nbsp;Meta Platforms321.34+0.79+0.25%&nbsp;&nbsp;Bank of America27.42-0.11-0.40%&nbsp;Most Popular ArticlesPowell comments, China's ICBC hit by ransomware attack - what's moving...Stock Market Today: Dow ends lower after Powell signals rate hikes...Powell revives hike fears, says Fed not confident rates sufficiently...Oil prices rise, but set for third week of losses; OPEC meeting loomsWynn Resorts, Illumina, Plug Power fall premarket; Apple risesMore News&nbsp;After Hawkish Powell, Market Rally Faces Big Test Next Week4 Easy Steps to Picking Winning Stocks Like Seasoned Investors2 US Government-Approved Hydrogen 'Pure Players' That Will Boost Your...Recession? 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AuthorYasin EbrahimStock Markets83&nbsp;US500+0.27%Add to WatchlistAdd PositionPosition added successfully to:&nbsp;+ Add another positionCloseDJI+0.23%Add to WatchlistAdd PositionPosition added successfully to:&nbsp;+ Add another positionCloseDIS-1.32%Add to WatchlistAdd PositionPosition added successfully to:&nbsp;+ Add another positionCloseLLY+0.22%Add to WatchlistAdd PositionPosition added successfully to:&nbsp;+ Add another positionCloseGILD+0.55%Add to WatchlistAdd PositionPosition added successfully to:&nbsp;+ Add another positionCloseWYNN-9.23%Add to WatchlistAdd PositionPosition...

Stock Market Today: Dow ends lower after Powell signals rate hikes remain in play By Investing.com

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